Creating Africa’s future beyond COVID-19

The COVID-19 pandemic has brought unprecedented challenges to Africa, impacting its socio-economic landscape. As Africa strives to recover from the pandemic, there is a critical need to establish structures that enhance resilience against future economic shocks. To explore how the continent can strategically position itself for a sustainable future, CNBC Africa hosted a panel discussion with key experts in the field. The panel comprised Bartholomew Armah, Director of Macroeconomic and Governance Division at the United Nations Economic Commission for Africa, Hanan Morsy, AfDB’s Director of Macroeconomic Policy, Forecasting, and Research, and Raymond Gilpin, Chief Economist and Head of Strategy, Analysis, and Research at UNDP Africa. The key theme of the discussion centered around the imperative for Africa to not only recover from the immediate impacts of the pandemic but also to focus on long-term strategies that promote inclusive and sustainable development. The experts emphasized the need for policies that address increased poverty levels resulting from the pandemic while safeguarding the progress made towards achieving social development goals. Three key points emerged from the discussion: 1. Accelerating Inclusive Sustainable Growth: The panel underscored the importance of long-term recovery efforts that do not lead countries into debt insolvency. They advocated for greater engagement of the private sector in the recovery process, alongside initiatives to ensure access to financing at concessional terms. Suggestions included reallocating Special Drawing Rights (SDRs) to African countries, recapitalizing multilateral development banks, and redirecting resources from developed countries to support investments in Africa. 2. Collaboration with Development Partners: The experts highlighted the critical role of collaboration with international development partners in post-COVID recovery efforts. They stressed the need for coordination and synergy among partners to overcome short-term challenges and prepare for long-term resilience. The African Economic Conference, conducted in partnership with institutions like the United Nations Commission for Africa and UNDP, exemplified the benefits of such collaborative initiatives. 3. Leveraging the African Continental Free Trade Agreement (AfCFTA): The AfCFTA was identified as a golden opportunity for the continent to enhance regional integration and boost economic growth. With global supply chains facing disruptions due to COVID-19, the AfCFTA presents a chance to amplify intra-African trade, diversify economies, and harness the benefits of a more integrated market. Efficient implementation of the agreement, harmonization of trade practices, and alignment of financial and investment frameworks were emphasized as crucial steps towards maximizing the potential gains of the AfCFTA. Dr. Bartholomew Armah emphasized the necessity for commitment and informed decision-making in implementing recovery strategies. He stressed the importance of evidence-based policy formulation, especially in promoting green investments and sustainable development pathways. Dr. Hanan Morsy reiterated the significance of strategic planning and effective governance structures to optimize the utilization of resources for development. In conclusion, as Africa navigates the post-pandemic era, a collective approach that encompasses strategic planning, collaboration, and innovative policy solutions will be paramount in building a resilient and prosperous future for the continent. By embracing opportunities like the AfCFTA and focusing on sustainable growth models, Africa can emerge stronger from the current crisis and set a course towards inclusive and sustainable development.